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Where can I learn more about Price Action like those in James16 charts? 9 replies

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james16 Chart Thread

  • #130,541
  • Apr 13, 2014 1:44pm Apr 13, 2014 1:44pm
Hi guys , a pin bar from me on Crude oil on 8H, any of the seniors please comment.Second chart is my long term view on the Crude oil.

Trade safe. Z
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  • #130,542
  • Apr 13, 2014 6:14pm Apr 13, 2014 6:14pm
Quoting Forextm
mbq 11 need your comment about this pb.. {image}
Hey forex I am also in this trade and I think we are in a box along with price squeezing out. Plus the PB formed right on a the box midpoint . Well if it breaks I expect it to go to the bottom of the box quickly any hesitation and am out. I prefer a quick clean break on this one.

Al
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  • #130,543
  • Apr 13, 2014 6:30pm Apr 13, 2014 6:30pm
Quoting Forextm
mbq 11 need your comment about this pb.. {image}
Hey TM

Albus gave you the exact response I would. Price is in VERY tight consolidation. Which means we are in traffic(have you seen my video on traffic vs space?). This means that any point price can reverse because we are so sideways. I like to avoid these areas and as well new traders should look for pinbars at nice swing high points. Because of the location this isn't really a "swing" point.

Let us know if that makes sense

Mike
  • #130,544
  • Apr 13, 2014 6:33pm Apr 13, 2014 6:33pm
Quoting Zaho
Hi guys , a pin bar from me on Crude oil on 8H, any of the seniors please comment.Second chart is my long term view on the Crude oil. Trade safe. Z {image} {image}
Hey Zaho

My thoughts are this bar is not all that substantial in size and we lack any confluence. Also one thing I don't like with PB is notice how to the left of price we have those bar highs and that "box" of price. This has the pinbar sitting DOWN below this area instead of being the highest most point(or swing).

I would wait for a much more confluence area just above us at the last major swing high. This is a much more likely area for the market to test

Hope this helps
Mike
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  • #130,545
  • Apr 13, 2014 6:43pm Apr 13, 2014 6:43pm
Quoting Zaho
Hi guys , a pin bar from me on Crude oil on 8H, any of the seniors please comment.Second chart is my long term view on the Crude oil. Trade safe. Z {image} {image}
Zaho, actually am in this trade for a long playing the wick fill. And its been a great start to the week for me though.
And thanks mike for all the help you've giving me.

Al
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  • #130,546
  • Apr 13, 2014 7:03pm Apr 13, 2014 7:03pm
Quoting albus999
{quote} Zaho, actually am in this trade for a long playing the wick fill. And its been a great start to the week for me though. And thanks mike for all the help you've giving me. Al {image}
great great great Albus Good advanced understanding of what is going on here

Well done again

Mike
  • #130,547
  • Edited Apr 14, 2014 10:22am Apr 13, 2014 9:46pm | Edited Apr 14, 2014 10:22am
Quoting mbqb11
{quote} great great great Albus Good advanced understanding of what is going on here Well done again Mike
Hey Mike,

Is this an example of wick play? Please read the logic and correct me if I am wrong.

Thanks,

Neytiri

P.S. I took full profit near FTA (middle of box II) - ~25 pips, 0.5R
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  • #130,548
  • Apr 13, 2014 10:42pm Apr 13, 2014 10:42pm
Mike,Albus thanks!
usdjpy..doji,ppz,ema,fibo.
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  • #130,549
  • Apr 13, 2014 11:57pm Apr 13, 2014 11:57pm
Quoting Forextm
Mike,Albus thanks! usdjpy..doji,ppz,ema,fibo. {image}
I also fond with this trade but will use entry order to play this one. only catch the breakout of the doji
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  • #130,550
  • Apr 14, 2014 3:29am Apr 14, 2014 3:29am
Quoting albus999
{quote} Zaho, actually am in this trade for a long playing the wick fill. And its been a great start to the week for me though. And thanks mike for all the help you've giving me. Al {image}
Nice trade,mate. Thanks to you and Mike for the comments.
  • #130,551
  • Apr 14, 2014 6:21am Apr 14, 2014 6:21am
my last trade. eur nzd.

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  • #130,552
  • Apr 14, 2014 9:49am Apr 14, 2014 9:49am
Quoting P.Action
my last trade. eur nzd. {image} {image}

working

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  • #130,553
  • Apr 14, 2014 10:53am Apr 14, 2014 10:53am
Quoting P.Action
{quote} working {image}
Congrats on that trade.
I had this one on my watchlist (chart) and even went as far as to put an order in, but the open gapped near my TP, after some indecision on my behalf, I've chosen to cancel the order.

I did enter the USD/CAD long and the CAD/JPY short:
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W
It's a sport, an artform and a science.
  • #130,554
  • Apr 14, 2014 11:33am Apr 14, 2014 11:33am
Quoting Donaciello
{quote} Congrats on that trade. I had this one on my watchlist (chart) and even went as far as to put an order in, but the open gapped near my TP, after some indecision on my behalf, I've chosen to cancel the order. I did enter the USD/CAD long and the CAD/JPY short: {image} {image} W

i dont major enter jpy short. because usd/jpy is at critical level of monthly(101.65). after a good pattern with a clear direction i will enter. look at charts.

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  • #130,555
  • Apr 14, 2014 12:08pm Apr 14, 2014 12:08pm
Quoting P.Action
{quote} i dont major enter jpy short. because usd/jpy is at critical level of monthly(101.65). after a good pattern with a clear direction i will enter. look at charts. {image} {image}
Did you see the DBHLC on the CAD/JPY monthly?
I took a position on it a while back, but mismanagement got the better hand, so I was stopped out for moving the stop too soon, too close.

Given the overall CAD weakness across the board (Weekly Pin vs. Dollar; 2-week PB (weekly IB) vs. Euro), I like my odds so far.
Add to that the steep decline of the USD vs. JPY, nearing pattern breakout on daily/weekly; that's what made the difference for me on CAD/JPY.
It's still a trade with the TP within the box, but I'm definitely looking for a breakout later on.
^^ Need to be visible breakout's lower on both U/J and C/J.
Here's an idea of what I'm looking for.

Thanks for taking the time to comment!

W
It's a sport, an artform and a science.
  • #130,556
  • Apr 14, 2014 1:25pm Apr 14, 2014 1:25pm
Quoting Neytiri
{quote} Hey Mike, Is this an example of wick play? Please read the logic and correct me if I am wrong. Thanks, Neytiri P.S. I took full profit near FTA (middle of box II) - ~25 pips, 0.5R {image} {image} {image}
Hey N

Not quite as really with a wick play I like price NOT to close as a pinbar. So price to close just above the previous bars high. But when you have a weak pinbar just as you identified it's often the case the wick fills as well too. So it's just a variation. I just like to be as picky as possible

Best
Mike
  • #130,557
  • Apr 14, 2014 3:49pm Apr 14, 2014 3:49pm
Quoting Donaciello
{quote} Did you see the DBHLC on the CAD/JPY monthly? I took a position on it a while back, but mismanagement got the better hand, so I was stopped out for moving the stop too soon, too close. Given the overall CAD weakness across the board (Weekly Pin vs. Dollar; 2-week PB (weekly IB) vs. Euro), I like my odds so far. Add to that the steep decline of the USD vs. JPY, nearing pattern breakout on daily/weekly; that's what made the difference for me on CAD/JPY. It's still a trade with the TP within the box, but I'm definitely looking for a breakout...

bro i dont say it cant go down, i say it can go up or down. i am scare first touch of 200 ema reflect. so usd jpy is so near that ema. look at usd jpy daily chart. if u/j up cad/jpy up(except more lose value of cad).

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that is what i see cad/jpy. good luck for your own trades.

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  • #130,558
  • Apr 14, 2014 4:58pm Apr 14, 2014 4:58pm
FX been very quiet for me this month so not a whole lot to share there

Here was my trade from last week. I took a quick play on it short and closed at FTA. Small .6% profit but they do add up when nothing else is going on!


Mike
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  • #130,559
  • Apr 14, 2014 5:33pm Apr 14, 2014 5:33pm
Quoting mbqb11
FX been very quiet for me this month so not a whole lot to share there Here was my trade from last week. I took a quick play on it short and closed at FTA. Small .6% profit but they do add up when nothing else is going on! Mike {image} {image}
Nice trade Mike!

It's nice to see the swing into the PB setup, I really have to look for those scenarios more and try to leave the rest be.
I was thinking of trying to add equities to my watchlist for the coming year, but when I was checking stocks lately (just for fun) I saw some stocks with huge gaps, like Maersk (OMX Copenhagen) gapped down 80%!

How do you deal with those kinds of risk?

Are there other things one should take into account when expanding from FX into equitties?

best,
W
It's a sport, an artform and a science.
  • #130,560
  • Apr 14, 2014 6:10pm Apr 14, 2014 6:10pm
Quoting Donaciello
{quote} Nice trade Mike! It's nice to see the swing into the PB setup, I really have to look for those scenarios more and try to leave the rest be. I was thinking of trying to add equities to my watchlist for the coming year, but when I was checking stocks lately (just for fun) I saw some stocks with huge gaps, like Maersk (OMX Copenhagen) gapped down 80%! How do you deal with those kinds of risk? Are there other things one should take into account when expanding from FX into equitties? best, W
Hey D

Yep I avoid heavily gapped equities. Also trading them on the weekly helps smooth out a lot of the movement as well. So I trade equities exclusively on the weekly at this point and avoid ones with huge gaps. The chart should really just look like an FX chart and I find it more than ok to trade with the same inherit risks that FX really brings me

Hope that helps
Mike
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